// Our News // Media Releases // On-market share buy-back
(11 November 2008) Coffey International Limited (Coffey) today announced an on-market share buy-back program of up to 10% of its issued share capital in accordance with the Listing Rules. The share buy-back will be EPS accretive and funded from existing cashflows. The Board will monitor the position daily to ensure that the ongoing buy-back implementation meets the Company’s capital management criteria.
Commenting on the announcement, Coffey International Limited managing director Roger Olds said: “Coffey is uniquely positioned with a strong balance sheet, growing operating cash flows, headroom in debt facilities and attractive growth opportunities.
“The Board is of the opinion that the buy-back is in the interest of all shareholders and considers that the current market price of Coffey’s shares do not fully reflect the Company’s underlying value.
“This decision reflects Coffey International Limited’s strong balance sheet position and the Board’s confidence in our ability to continue to grow the business and increase shareholder value.
“The Coffey group’s diversification strategy in specialist businesses and geographical spread means that Coffey is well positioned in this challenging economic climate.
“We have a sound strategy in place to grow the Company through organic, transformational and acquisition growth and we will continue to focus on the number one position in each of the markets in which we operate.
This is an exciting time for Coffey as we are now seeing some of the benefits of our strategy come together – to create a multi-specialist consulting company with a global footprint that can make a significant difference in the world.”
Coffey has appointed Lodge Partners Pty Ltd to act as its broker to the on-market buy-back program.
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Investor and media contacts:
Diana Krause, Communications Manager, Coffey International Limited
P: (+61) (3) 9473 1300; M: (+61) 420 959 942; E: diana_krause@coffey.com
